This sector includes mortgage companies, property management companies and REITs
Palace Capital has exchanged contracts for the sale of six industrial properties for £34.0m, as it continues to sell down its assets. The sale of the portfolio, to Clearbell Property Partners IV LLP (Clearbell), a fund managed by Clearbell Capital LLP, reflects a net initial yield (NIY) of 6.2% and is another indication of valuation […]
In QuotedData’s morning briefing 5 May 2023: Ediston Property Investment Company (EPIC) has posted a slight increase in the value of its property portfolio in the quarter to 31 March 2023 of 0.6% to £204.3m. NAV per share was down slightly by 0.6% to 80.44 pence (31 December 2022: 80.93 pence). NAV total return (including […]
Great Portland Estates has acquired two central London offices for redevelopment for a total of £53m. It has bought 141 Wardour Street, in Soho, for £39m (£1,156 per sq ft). The 33,717 sq ft building is currently vacant, has been stripped out and benefits from planning consent for a comprehensive refurbishment. The building is located […]
In QuotedData’s morning briefing 28 April 2023: Industrials REIT (MLI), which has agreed a £500m sale of the company, released a trading update for the first quarter of 2023 showing a 4.8% like-for-like growth in passing rents and 10.6% growth in estimated rental values (ERV) over the 12 month period. During the quarter it concluded […]
In QuotedData’s morning briefing 27 April 2023: Literacy Capital (BOOK) says its 31 March 2023 NAV was 467.3p, up 11.1% over the first three months of the year from 420.6p at the end of December. RCI (+£18.6m) was again the most significant contributor in the quarter, driven by strong organic growth. Kernel Global added £8.4m […]
In a NAV update for the first quarter of the year, CT Property Trust posted a 1.3% uplift to 96.6p per share – further evidence of a stability of real estate prices following a rapid decline in the second half of 2022. Last week MSCI data showed that month-on-month property values in the UK were […]
abrdn Property Income Trust expects commercial real estate returns to turn positive this year, after a difficult 2022. The company today reported a -12.8% NAV total return for the year to 31 December 2022, having been impacted by a rapid revaluation of assets due to higher interest rates and increased cost of its own debt. […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • HydrogenOne (1:04) • RTW Venture Fund (6:22) • Triple Point Social Housing REIT / Civitas Social Housing (8:01) This week’s interview was with Jean Roche […]
abrdn European Logistics Income saw its EPRA net tangible assets (NTA) reduce 8.1% to €1.25 per share in the year to 31 December 2022, due to the market-wide outward yield movements as a result of rising interest rates. The group’s portfolio value fell 4% on a like-for-like basis, but increased 14% to €759m (31 December […]
Total returns for UK real estate were positive in March, data from MSCI showed, the first positive return since June last year. The month-on-month total return in March was 0.67% (a 0.46% income return from rental income and a 0.21% capital return). Average values rose during the month after eight straight months of declines. “The rebound […]
Picton Property (PCTN) is exploring converting some of its office assets into “higher value alternative uses”, as market conditions in the office sector continue to be tricky. The company has used permitted development rights to secure residential use at its part vacant Angel Gate office in London, EC1. Consent has also been secured across seven […]
In QuotedData’s morning briefing 20 April 2023: Fondul Proprietatea (FP) has sold its stakes in E-Distributie Muntenia, Enel Energie Muntenia, E-Distributie Dobrogea, E-Distributie Banat, and ENEL Energie to Public Power Corporation (a Greek company) for RON650m (£116.2m). Andrew Joy is now chairman of Herald Investment Trust (HRI), following the retirement of Tom Black. Sherborne Investors […]
Balanced Commercial Property Trust has posted annual results for 2022 and, in line with the property sector, saw the valuation of its portfolio hit in the second half of the year due to higher interest rates. Highlights include: A net asset value (NAV) total return of -9.2% NAV per share as at 31 December 2022 […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Ashoka WhiteOak Emerging Markets (0:43) • GCP Asset Backed Income (5:42) • Industrials REIT (12:42) This week’s interview was with Stephen Inglis from Regional REIT […]
Industrials REIT has agreed terms on a £511m cash offer for the company by US private equity giant Blackstone. Under the offer, each shareholder would receive 168p per share, which represents a premium of 42.4% to the closing price on 31 March 2023 (the last day before the initial announcement about a possible bid was […]
In QuotedData’s morning briefing 14 April 2023: Atrato Onsite Energy (ROOF)has announced that it has acquired a ready-to-build, ground mounted 50MW solar project in Richmond, North Yorkshire, which will be constructed under a fully wrapped EPC contract. ROOF will invest a total of £38m, over a 12-month period, to acquire and construct the project, which […]
In QuotedData’s morning briefing 13 April 2023: Round Hill Music (RHM) had FTI Consulting produce another independent valuation report on its portfolio. The FTI Report supports the valuation as at 31 December 2022, prepared by the company’s original independent valuer, Citrin Cooperman. FTI comes up with two weighted average discount rates: one assumes the use […]
“One of the greatest wealth transfers from shareholders to managers in listed history.” That was the assessment of Sean Hurst, incoming chairman of Dolphin Capital Investors – the small-cap high-end resort developer focused on eastern Mediterranean. The board is tasked with overseeing the sell-off of the company’s remaining assets and returning as much money as […]
In QuotedData’s morning briefing 6 April 2023: JPMorgan Japanese (JFJ) has a new revolving credit facility of 10bn yen with the capacity to increase this by a further 2bn yen. Diverse Income (DIVI) has reminded shareholders that they can, if they wish, take advantage of its annual redemption facility at the end of May each […]
UK Commercial Property REIT has secured new leases across three assets at a combined weighted premium of 40% to previous passing rent, reflecting the strength of occupier demand in the industrial and retail warehouse sectors. Webcon, a supplier of car parts, has agreed a five-year lease renewal for the 10,000 sq ft Unit 1 at […]
Home REIT’s board has announced that it has received proposals from six candidates to act as the company’s investment adviser, which it is reviewing and expects to make an appointment over the coming weeks. The new investment adviser will take over from Alvarium Home REIT Advisors Limited, after its many failings that were first exposed […]
UK Commercial Property REIT posted a NAV total return for the year ended 31 December 2022 of -18.1%, due to market yield expansion following increased interest rates and macro-economic position. NAV was down 21.9% to 79.7p in the year, with the value of its portfolio down 15.4% to £1,275.6m. Over the longer term, the group’s […]
Industrials REIT is the subject of a £500m possible cash offer from US private equity giant Blackstone – 42.4% above its closing price on Friday. The company announced today that, following a period of extensive negotiations, it had reached agreement with Blackstone on the key financial terms of a final proposal for a possible cash […]
In QuotedData’s morning briefing 30 March 2023: RTW Venture Fund (RTW) was part of a consortium of funds managed by the same manager that participated in a $125m funding for Milestone Pharmaceuticals. Milestone is a publicly traded biopharmaceutical company, which is shepherding etripamil, its lead investigational product, through Phase 3 clinical trials for paroxysmal supraventricular […]
Phoenix Spree Deutschland has suspended its dividend and has not paid a final dividend for the year to 31 December 2022 as the residential sales market in Berlin dries up following the hike in interest rates. As per its business model, cash to pay dividends is substantially dependent on condominium and/or other asset sales. Just […]
Impact Healthcare REIT has posted strong results as inflation-linked leases negate the impact of rising interest rates. The care home provider reported a 2.0% drop in NAV to 110.17p per share. Its property portfolio was valued at £568.8m as at 31 December 2022, up 14.3% in the year due to acquisitions. The change in fair […]
Regional REIT saw its net asset value fall 24.4% in annual results to 31 December 2022, primarily as a consequence of rising interest rates affecting valuations in the property sector. The group’s EPRA net tangible assets (NTA) was 73.5p per share at the end of the year, compared to 97.2p a year prior. This was […]
Life Science REIT has reported a 8.9% fall in net asset value (NAV) in maiden annual results. Rising interest rates in the second half of the year and property acquisition costs (as it invested its IPO proceedings) resulted in a 7.5% drop in the value of its portfolio on book value to £387.6m. An outward […]
In QuotedData’s morning briefing 23 March 2023: Gulf Investment Fund (GIF) has launched its latest 100% tender offer. Shares that are tendered will be put into a realisatin pool on 12 April, the pool liquidated and the proceeds (less about $100,000 of expected tender offer costs) returned to shareholders. There is a minimum size threshold […]
Crystal Amber Fund (CRS) announced results for the six months ended 31 December 2022. The total return was 4.4%, comfortably ahead of the benchmark Numis Small Cap Index return of 1.3%. Despite the solid performance, NAV fell 10% and the discount now sits at around 25% as the company continues to wind down after failing […]
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